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Triton Takes 60-percent Stake in Mozambique Graphite Projects
Nov. 22, 2013 02:27PM PST
Battery MetalsTriton Minerals Ltd. (ASX:TON) announced that after speaking with its joint venture partner, Grafex Ltd., it will take a 60-percent interest in the Balama and Ancuabe graphite projects, located in Mozambique. That’s up from the 49 percent Triton held previously.
Triton Minerals Ltd. (ASX:TON) announced that after speaking with its joint venture partner, Grafex Ltd., it will take a 60-percent interest in the Balama and Ancuabe graphite projects, located in Mozambique. That’s up from the 49 percent Triton held previously.
As quoted in the press release:
The Company will make a number of staged cash payments over the next 18 months (total US$550,000) and share issues (total 5M shares) to the current Grafex Ltd shareholders. To achieve this majority position in Grafex Ltd, Triton will utilise the compensation that was originally allocated to acquire the 51% interest in the projects under the Joint Venutre terms.
Subsequently, on the commencement of a Definitive Feasibility Study, Triton will then move to a 75% equity interest in Grafex Ltd. Finally, the Company will obtain a 80% equity interest in Grafex Ltd should a project move into graphite production.
Click here to read the full Triton Minerals Ltd. (ASX:TON) press release.